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Deepfake fraud a CHF 5 billion risk for private banks

About this white paper

Deepfake technology, AI-generated content that mimics real voices, faces, and identities has rapidly evolved into a serious and scalable fraud vector. In Swiss private banking, where trust, discretion, and voice-authorized transactions underpin client relationships, this shift presents a critical risk.

This white paper identifies deepfake-enabled fraud as a CHF 5 billion threat to private banks by 2027. Fuelled by executive data leaks and enabled by tools that make cloning a voice as easy as uploading a podcast, this new wave of fraud combines the realism of generative AI with the oldest trick in the book: social engineering.

In one striking case, a bank employee in Hong Kong authorized a CHF 21 million transfer after participating in a deepfake video call where fraudsters impersonated the company's CFO and other executives. We explore how the attack surface is growing, how institutions are already being targeted, and how quickly costs escalate from CHF 20 to generate a voice clone to CHF 5 million in transferred funds.

Download this white paper to understand:

• Recent deepfake fraud cases in private banking
• Best practices for deepfake fraud prevention in financial services
• How advanced deepfake detection helps protect private banks